The Documentary Letter of Credit provides a method of payment in International Trade which assures or guarantees the seller of prompt risk free payment provided certain stipulated terms and conditions are complied with.
All documentary credits will be issued or advised by us subject to and in accordance with the current edition of the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP 500).
Benefits derived from this arrangement are:
- Small or no risk of non-payment provided terms and conditions of the letter of credit are complied with.
- Several banks guarantee payment by having the letter of credit confirmed.
- The buyer can have the goods inspected prior to shipment to certify quantity, quality and condition of goods in accordance with the terms and conditions of the letter.